The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
EUR/USD
Yesterday's rather soft Bank of England meeting, where two members of the Committee spoke in favor of a rate cut, could not overcome the general risk sentiment set by the stock market - the S&P 500 rose by 0.51%, the dollar index fell by 0.29%, the euro rose by 33 pips.
This morning, the price climbed above the balance indicator line on the daily chart, so it has a chance to work off the key resistance at 1.0796 (February 29 low). The MACD line is close to this level, so consolidating above it will allow the euro to reveal an alternative plan so it can rise to the target level of 1.0905. Also, the level of 1.0796 coincides with 50% of the corrective move from March 8-April 16. The main scenario assumes a price reversal, moving away from 1.0724 and heading towards the target range of 1.0636/56.
On the 4-hour chart, the price is trading in the range of 1.0724/96, above the balance and MACD indicator lines. The Marlin oscillator has entered the positive area, but it seems to have plans to move back into the downtrend territory. The price will encounter one more support on the way to another support level at 1.0724 - the MACD indicator line, so the way to this support may take around 2-3 days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.